US bank consortium develops social media framework

Bits, the technology arm of the US bank-backed Financial Services Roundtable, has issued a framework for financial institutions adopting social media and a guide to managing related security risks.

The Bits paper - 'Social Media Risks and Mitigation' - was compiled by a panel of security, technology and communications executives to guide banks as they build out their presence on social platforms like Facebook, Twitter and YouTube.

The paper deals with compliance, information retention, and hiring issues, and with security risks that range from reputation threats to phishing and social engineering exploits.